The value of the global oxygen-free copper industry is expected to grow from $19.9 billion in 2020 to $25.9 billion in 2025, with a compound annual growth rate of 5.3 per cent over the projected period.
In recent years, due to the development of the global electronic, electrical and automotive industries, the oxygen-free copper market has increased significantly. With the development of electronic markets in emerging economies such as China, Brazil and India, the demand for high-quality materials in aerospace, defense and transportation industries is increasing, accelerating market growth.
Wire will lead the oxygen-free copper market
It is expected that during the forecast period, both the value and quantity of wires will lead the oxygen-free copper market. Oxygen-free copper wire is most commonly used in high-end audio and video systems and personal oxygen-free copper wire custom assembly. Oxygen-free copper is used for loudspeaker cables, audio and video cables, components and amplifier wires. Oxygen-free copper wire has many advantages, such as higher electrical conductivity and the ability to transmit low-frequency sound than ordinary copper wire.
The automotive sector is expected to be the fastest growing sector in the end-use industry throughout the forecast period. Global electric vehicle sales have been growing, especially in developed regions such as North America and Europe. People's growing concern about environmental pollution has promoted the development of the global electric vehicle market. The growth in electric vehicle sales has also been driven by preferential government policies, subsidies and heavy investment by carmakers. According to the (IEA) of the International Energy Agency, global electric vehicle sales reached 2.1 million in 2019, surpassing 2018 sales and bringing the total number of electric vehicles on the road to 7.2 million.
The future of oxygen-free copper market in Asia-Pacific is bright.
In terms of value and volume, the Asia-Pacific oxygen-free copper market is expected to grow at the highest compound annual growth rate during the forecast period.
The Asia-Pacific region is a major consumer of oxygen-free copper and accounts for the largest share of the oxygen-free copper market. The region is a potential market for growth and demand in industries such as electronics and automobiles. Japan, China, South Korea, Taiwan, India, Singapore and other countries are not only the main production and sales centers of electronic and electrical products, but also the main end users of oxygen-free copper.
The Asia-Pacific region is a lucrative car market and is witnessing a shift in electric vehicles, such as hybrid electric vehicles.
China is the main market for oxygen-free copper in the Asia-Pacific region because of its high production and consumption of electrical and electronic products. Japan is a technologically advanced country and an important market for this kind of copper. China and India have become major manufacturing and assembly centers for electronic, electrical and automotive products. In addition, the development of the e-commerce industry in the Asia-Pacific region has also accelerated the demand for electronic products. The Asia-Pacific region provides cheap labor and raw materials, which ultimately reduces manufacturing costs for producers. China and India have large populations and rising living standards, attracting foreign investment into the region's manufacturing industry. As a result, growing demand in the Asia-Pacific region is expected to be the main market driver.
